How the Mortgage Loan Process Works

There is no doubt that getting a mortgage loan is a complicated process. You wouldn't be researching mortgage loans if you could get a loan in a single day with a simple application. We do the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.

Getting a loan involves four major steps.

Step one: determine how much you can borrow

A couple of factors determine this amount. How much of a monthly payment can you afford? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? You can get a good idea of your preferred payment abount using the calculators on our website. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. Because lender guidelines are fairly standard, we can give you a good idea of how much you can borrow after a short conversation.

Step two: pre-qualify for your loan

This is where the process really begins and you save the most money. You will give us info on your current job, assets, and residence history. You'll supply information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission, of course). After we've finished reviewing this information, we'll provide a pre-qualificaiton letter. With this letter, your real estate agent will negotiate the best deal for your new home. While you're picking out the home that's right for you, we are researching the loan that best fits your needs.

Step three: apply now! We make it easy

After you've signed an offer and the sellers have accepted, it's time to apply for the loan. It's very easy, and you can apply online, right here on our website. After the seller has accepted your offer and you have applied for your loan, we'll order the professional appraisal on the home.

Step four: your loan is funded

The agents will find a title company to handle the "funding" and closing of the sale. We'll coordinate with this company to ensure the papers your lender needs are in order, and you will probably}likely sign everything at their officeWe work with with this company to set your date to close. Because you will not have to worry about these details, you can think about moving logistics, paint colors, carpet, and the details involved in getting a new house.

You've answered some few questions, provided detailed information, applied online, and the next thing you know, you are moving in! Hill Valley Financial Services Inc. is in the business of mortgage loans; you're not — so we do the work. Doesn't that make sense?

Have questions about the loan process? Call Hill Valley Financial Services Inc. at 503-657-3311. Hill Valley Financial Services Inc. answers loan process questions every day.